Question

Presented below are selected ledger accounts of Kingbird Corporation as of December 31, 2025. Cash $60,000 Administrative expenses 120,000 Selling expenses 96.000 Net sales 648.000 Cost of goods sold 252.000 Cash dividends declared (2025) 24,000 Cash dividends paid (2025) 18,000 Discontinued operations (loss before income taxes) 48,000 Depreciation expense, not recorded in 2024 36.000 Retained earnings, December 31, 2024 108.000 Effective tax rate 20% (a) Your Answer Correct Answer (Used) ?Your answer is correct. Question 2 of 4 < > eTextbook and Media Solution 1.5 / 3 Attempts: 3 of 3 used (b) Prepare a partial income statement beginning with income from continuing operations before income tax, and include appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2025. (Round earnings per share to 2 decimal places, e.g. 1.58.) KINGBIRD CORPORATION Income Statement

          Presented below are selected ledger accounts of Kingbird Corporation as of December 31, 2025.
Cash
$60,000
Administrative expenses
120,000
Selling expenses
96.000
Net sales
648.000
Cost of goods sold
252.000
Cash dividends declared (2025)
24,000
Cash dividends paid (2025)
18,000
Discontinued operations (loss before income taxes)
48,000
Depreciation expense, not recorded in 2024
36.000
Retained earnings, December 31, 2024
108.000
Effective tax rate 20%
(a)
Your Answer Correct Answer (Used)
?Your answer is correct.
Question 2 of 4
< >
eTextbook and Media
Solution
1.5 / 3
Attempts: 3 of 3 used
(b)
Prepare a partial income statement beginning with income from continuing operations before income tax, and include
appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2025. (Round
earnings per share to 2 decimal places, e.g. 1.58.)
KINGBIRD CORPORATION
Income Statement

Presented below are selected ledger accounts of Kingbird Corporation as of December 31, 2025.
Cash
60,000
Administrative expenses
120,000
Selling expenses
96.000
Net sales
648.000
Cost of goods sold
252.000
Cash dividends declared (2025)
24,000
Cash dividends paid (2025)
18,000
Discontinued operations (loss before income taxes)
48,000
Depreciation expense, not recorded in 2024
36.000
Retained earnings, December 31, 2024
108.000
Effective tax rate 20%
(a)
Your Answer Correct Answer (Used)
?Your answer is correct.
Question 2 of 4
< >
eTextbook and Media
Solution
1.5 / 3
Attempts: 3 of 3 used
(b)
Prepare a partial income statement beginning with income from continuing operations before income tax, and include
appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2025. (Round
earnings per share to 2 decimal places, e.g. 1.58.)
KINGBIRD CORPORATION
Income Statement

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